HC: Demerger scheme of Vodafone Essar Gujrat Limited

Demerger struck down by the High Court on tax evasion ground.

Jan 15,2011

HC: Allowability of interest on delayed payemnt of provident fund

Interest on delay in payment of provident fund is covered by section 43B and deductible on payment basis.

Jan 15,2011

HC: Provision for loss under AS-7- deductible expenditure

Provision for estimated expenses/losses on construction contracts provided as per AS 7 is deductible expenditure.

Jan 15,2011

HC: Payment towards non compete fees and technical knowhow treated as Goodwill

The Madras High Court in the case of Indo Tech Electric Company v. DCIT held that in case of conversion of partnership firm into company, compensation paid towards non compete

Jan 13,2011

HC: No tax holiday u/s 10A to Foreign branch.

Tax holiday is not available to foreign branch carrying on-site software development and full-fledged marketing operations.

Jan 12,2011

HC: Allowability of Depreciation when asset not in use.

When the assets form part of 'block of asset', they cannot be segregated for the purpose of calculating tax depreciation, even when there is no 'actual user' of asset during

Jan 12,2011

HC: Interest earned on foreign exchange- Not eligible u/s 80HHD.

Interest earned on short term deposits made out of foreign exchange advance received from foreign tourists is not eligible for deduction under section 80HHD -Delhi High Court

Jan 12,2011

HC: Offshore supply of equipments- Not taxable.

Offshore supply of equipments as a part of EPC contract is not taxable in India

Jan 12,2011